Q3 profits in SABIC falls 23% on petrochemical prices

Saudi Basic Industries Corp. (SABIC), posted a 23% decline in Q3 profit as prices for its products dropped amid slower global economic growth, as per Bloomberg. Net income fell to 6.31 bln riyals (US$1.68 bln) from 8.19 ln riyals a year earlier. Sabic’s profit has fallen in the past four quarters as the maker of fertilizers, plastics and steel suffers from the effects of slowing growth in developed economies.
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